Oak Hill Invests $150M in Tech-Infrastructure Startup Lit Communities

Private equity shop Oak Hill Capital has invested $150 million in Lit Communities, a Birmingham, AL-based tech infrastructure firm, to fund and drive the construction of Lit’s fiber-based network in “unserved and underserved communities” throughout the country.

Lit’s existing shareholders, including Stephens Capital Partners, The Pritzker Organization and the Lit management team, are all remaining shareholders and plan to continue to support the business going forward.

Founded in 2019 and led by CEO Brian Snider, Lit leverages public-private partnerships with local governments and municipalities to build and operate its networks. The company has networks in place, under construction or in planning in Ohio, Pennsylvania, and Texas.

“The Oak Hill investment provides us the capital and expertise to accelerate our plans of providing ultra-fast, reliable, and affordable broadband service in the communities we partner with and serve,” said Lit CFO Andrew Massey.

In partnership with local communities and vendors, the company has built and currently operates networks reaching approximately 20,000 homes and businesses.

Bank Street Group LLC served as financial advisor and Latham & Watkins LLP and Maynard Nexsen served as legal counsel to Lit Communities and existing equityholders in connection with this transaction. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to Oak Hill.